Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 270 - RULES GOVERNING ANNUAL FINANCIAL REPORTING
Section 14VAC5-270-30 - Scope
Current through Register Vol. 41, No. 3, September 23, 2024
This chapter shall apply to all entities listed in 14VAC5-270-20, hereinafter referred to as "insurers." Insurers having direct premiums written of less than $1 million in any calendar year and having less than 1,000 policyholders or certificate holders of direct written policies at the end of such calendar year are exempt from the requirements of this chapter for such year unless the commission deems that compliance with the reporting requirements of this chapter is necessary to establish the financial condition of an insurer. Insurers having assumed premiums of $1 million or more pursuant to contracts and/or treaties of reinsurance will not be so exempt.
Foreign or alien insurers filing the Audited Financial Report in another state, pursuant to that state's requirements for filing Audited Financial Reports and where the requirements have been found by the commission to be substantially similar to the requirements herein, are exempt from 14VAC5-270-50 through 14VAC5-270-140 if:
1. A copy of the Audited Financial Report, the Communicating Internal Control Related Matters Identified in an Audit, and the Accountant's Letter of Qualifications, which are filed with the other state, are filed with the commission in accordance with the filing dates specified in 14VAC5-270-50, 14VAC5-270-120, and 14VAC5-270-130, respectively (Canadian insurers may submit accountants' reports as filed with the Canadian Office of the Superintendent of Financial Institutions).
2. A copy of any Notification of Adverse Financial Condition Report filed with the other state is filed with the commission within the time specified in 14VAC5-270-110.
Foreign or alien insurers required to file Management's Report of Internal Control over Financial Reporting in another state are exempt from filing the report in this Commonwealth provided the other state has substantially similar reporting requirements and the report is filed with the commissioner of the other state within the time specified.
This provision shall not prohibit, preclude or in any way limit the commission's rights with respect to workpapers described in 14VAC5-270-140 or its rights concerning the ordering and/or conducting and/or performing of examinations of insurers under Title 38.2 of the Code of Virginia.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of Virginia.
